June 2015 House Price Watch
This month's House Price Watch indicates house prices are up on average 0.8% in the past month and up 6.1% in the past year
Transactions are static, new instructions down and rate of annual house price growth dips
The average rate of annual house price growth continued to slow for the seventh consecutive month to 6.1%.
Completed UK home sales held at 101,000 in March (HMRC data); down 6% on the same period in 2014.
Nationwide indicate that mortgage completions for Q1 2015 are down 11% on the same period a year ago. Interestingly, cash transactions are estimated to be at an all-time high of 38% in Q1 2015. “The low interest rate environment is likely to have supported the flow of cash into other asset classes in recent years, including UK residential property.”
The supply of homes for sale remains tight with new seller numbers down so far in 2015, however, The Halifax Housing Market Confidence tracker suggests rising levels of confidence that now is a good time to sell and agents expect new instructions to rise as uncertainty lifts post-election. “Now the months of uncertainty are finally over, we are already witnessing confidence returning to the market with buyers and sellers in a more informed position to make the decisions they were putting off. Whilst it’s still far too early to put any numbers on it, we expect to see more stock coming back to the market and increased buyer confidence especially with interest rates still as low as they are. “ Rightmove House Price Index report – Foxtons London agent view.
The proportion who feel now is a good time to buy is down slightly according to the same study and the recent Halifax Generation Rent report indicates that there are growing numbers of first-time buyers who are giving up on owning their own home. Down six percentage points over the past year, 43% are currently saving to buy a property compared to 57% who are not.
House prices are up in most regions with the exception of Wales and the North East.
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